U.S. retail sales unexpectedly rise
Retail sales in the United States rose in March, reflecting increases in receipts at service stations as gasoline prices jumped, Bloomberg reported.
Purchases rose 0.2 percent last month after a 0.4 percent decline in February, the Commerce Department said. The median forecast of economists surveyed by Bloomberg News had projected no change. Purchases excluding gasoline were unchanged last month after falling 0.3 percent.
Spending, which accounts for more than two-thirds of the economy, is decreasing as consumers pay more than $3 a gallon for gasoline, fear that their jobs are in jeopardy and see their homes lose value. Investors are betting the Federal Reserve will need to lower interest rates again to boost confidence.
The figures aren’t adjusted for inflation, so price increases can influence the data. The average cost of a gallon of regular gasoline last month jumped 6.9 percent from February, according to figures from AAA. Receipts at filling stations increased 1.1 percent in March following a 0.5 percent decline the prior month.
Sales of furniture, electronics and appliances, and building materials all fell in March. Today’s report showed sales at automobile dealerships and parts stores increased 0.2 percent after dropping 1.2 percent in February. Purchases at general merchandise stores declined 0.6 percent.